Genting Breaks Ground on $5.5 Billion Queens Resort Expansion After New York Casino License Win

Construction Launch Follows Record Gaming Performance

Genting Group held a groundbreaking ceremony Wednesday for the next stage of development at Resorts World New York City, a project that will transform the existing Queens property into a fully integrated casino resort. The Malaysian conglomerate, led by executive chairman Lim Kok Thay, is midway through a buildout valued at $5.5 billion on a 72-acre site that has operated as a video lottery terminal facility since 2011.

The current construction phase centers on a 400-room hotel tower that will complement the existing Hyatt Regency of equal size. Plans filed with the city also detail a 1,200-room Crockfords Hotel, a 7,000-capacity multipurpose arena, and a sports and media facility named for NBA player Kenny Smith, a Queens native. When finished, the complex will span 3 million square feet, more than triple its present footprint.

Genting secured one of three full gaming licenses issued by New York State in December, a regulatory milestone that allowed the company to install live dealer tables and operate a commercial casino. The first construction phase wrapped in April, introducing two floors of table games and slot machines. That opening made Resorts World the first venue in New York City authorized to offer traditional casino gaming, ending a decades-long prohibition within the five boroughs.

Revenue and Tax Contributions Outpace National Peers

In the 12 weeks following the April launch, the property generated $170 million in casino tax payments, a figure that positions it as the highest-grossing gaming facility in the United States by gross gaming revenue. The pace of play prompted management to add 1,400 slot machines to the ground floor earlier this week, lifting the total machine count to 3,900 units.

Lim noted in a statement that the company is moving toward completing what he described as a first-of-its-kind integrated resort for New York City, a format common in Macau and Singapore but largely absent from the U.S. Northeast corridor. The model combines gaming floors with convention space, branded retail, multiple dining concepts, and entertainment venues under one roof, a strategy intended to capture visitor spending across categories.

The full buildout is forecast to generate $2.2 billion in annual revenue once all components are operational. That projection reflects both gaming activity and non-gaming streams, including hotel occupancy, food and beverage sales, arena ticketing, and retail leasing. The company has not disclosed a completion timeline but indicated that construction will proceed in overlapping phases to minimize disruption to existing operations.

Employment and Union Labor Commitments

Genting estimates the expansion will create approximately 10,000 jobs, split between 5,000 union construction roles and 5,000 permanent positions across hospitality, gaming operations, and facility management. The company currently employs around 2,500 people at the Queens site, which draws roughly 5 million visitors annually. The workforce is unionized under multiple labor agreements covering dealers, hotel staff, and service workers.

The construction phase involves trades represented by the Building and Construction Trades Council of Greater New York, a coalition that negotiated project labor agreements covering wages, benefits, and hiring protocols. Union leadership has characterized the Genting project as one of the largest private construction undertakings in the city's recent history, comparable in scale to Hudson Yards and the redevelopment of the World Trade Center site.

Local officials have emphasized the economic impact on Southeast Queens, a section of the borough historically underserved by large-scale private investment. The property sits adjacent to Aqueduct Racetrack and is accessible via the A subway line, positioning it within 45 minutes of Midtown Manhattan by public transit. The city's Economic Development Corporation has projected that the completed resort will contribute $500 million annually to the municipal tax base when fully operational.

Genting's Regional Footprint and Expansion Strategy

The New York project represents Genting's largest capital commitment outside Asia. The group operates Resorts World Sentosa in Singapore, a property that opened in 2010 and anchors the southern resort district on Sentosa Island. It also runs Resorts World Bimini in the Bahamas and maintains the Genting Highlands resort complex in Malaysia, a mountaintop property founded by Lim's father, Lim Goh Tong, in the 1960s.

Lim Goh Tong emigrated from China to Malaysia in the 1930s with limited formal education and built his fortune through construction contracts before developing the Genting Highlands resort, located 55 kilometers north of Kuala Lumpur. The property remains the anchor asset of the family's holdings and serves as a domestic tourism draw for Malaysian and Singaporean visitors.

Under Lim Kok Thay's leadership, the group has diversified beyond gaming into energy infrastructure, real estate development, and biotechnology ventures. The family's net worth is estimated at $1.6 billion, according to Forbes, making Lim one of Malaysia's wealthiest individuals. The New York expansion tests whether the integrated resort model that succeeded in Singapore can replicate its performance in a mature U.S. market with higher labor costs and more fragmented consumer demographics.

Competitive Dynamics in New York Gaming Market

Resorts World's early revenue performance has set a high bar for the two remaining casino licenses yet to be awarded by New York State. Several consortia have submitted applications for sites in Manhattan, including proposals for Times Square and Hudson Yards locations. The state's gaming commission has not announced a timeline for the next round of license decisions, but industry observers expect awards to be finalized before the end of 2026.

The competitive landscape will shift once additional operators enter the market. MGM Resorts International and Las Vegas Sands have both expressed interest in New York properties, and Wynn Resorts has explored partnerships with real estate developers to secure a Manhattan site. Each entrant will face the same licensing fee structure that Genting paid, a one-time cost of $500 million that serves as a barrier to entry but also signals the state's confidence in long-term gaming revenue potential.

Genting's first-mover advantage lies in its established customer base and transit accessibility. The Queens location benefits from proximity to John F. Kennedy International Airport, a hub for international arrivals, and from a parking infrastructure that accommodates drive-in visitors from Long Island and New Jersey. The company has indicated it will target both local residents and tourists, a dual-market strategy that mirrors its approach in Singapore, where Resorts World Sentosa draws domestic visitors alongside regional travelers from China, Indonesia, and India.

What Comes Next for the Project

Construction timelines for large-scale integrated resorts typically span three to five years from groundbreaking to full opening, though Genting has accelerated portions of the New York project by using modular construction techniques for hotel towers. The company has not disclosed whether it will pursue additional phases beyond the current plan, but the 72-acre site offers room for further expansion if gaming revenue meets or exceeds projections.

The success of the New York property will influence Genting's broader U.S. strategy. The company has explored opportunities in other states considering gaming expansion, including Texas and Georgia, and has participated in bid processes for casino licenses in Japan, though that market remains in regulatory limbo. For now, the focus remains on Queens, where the next 24 months will determine whether Genting's integrated resort model can establish a new template for urban casino development in the United States.